Duties Act 2001
Duties Regulation 2013
1
Short title
This regulation may be cited as the
Duties Regulation 2013
.
2
Commencement
(1)
This regulation, other than section 9
(c), commences on 1 September 2013.
(2)
Section 9
(c) is taken to have commenced on 22 March 2010.
3
Definitions
The dictionary in schedule 5 defines particular words used in this regulation.
4
Declared public unit trust—Act, s 79
(1)
The following unit trusts are public unit trusts for chapter 2, part 8, division 7, of the Act—
(a)
a unit trust mentioned in schedule 1, part 1;
(b)
a unit trust mentioned in schedule 1, part 2, if the conditions in subsection (2) are satisfied for the trust.
(2)
For subsection (1)
(b), the conditions are—
(a)
the trust is established and continues for the direct or indirect investment of funds of investors approved by the Treasurer; and
(b)
the trust—
(i)
is not established or managed for a particular investor mentioned in paragraph (a); or
(ii)
if the trust is established or managed for a particular investor mentioned in paragraph (a)—has been approved by the Treasurer as eligible to be declared as a public unit trust; and
(c)
the Queensland Investment Corporation, or a company wholly owned by the corporation, is the trustee for the trust.
(3)
However, the Treasurer may approve a trust under subsection (2)
(b)
(ii) only if the Treasurer is satisfied the investor for whom the trust is established or managed has a sufficient connection with the State.
5
Apportionment of premiums—Act, s 366
(1)
For chapter 8, part 4, division 1 of the Act, a premium for insurance must be apportioned—
(a)
for a class of insurance stated in schedule 2, column 1—in the way stated opposite the class in column 2; and
(b)
for a banker’s blanket policy—by apportioning each class of insurance covered by the policy in the way the class is apportioned under paragraph (a); and
(c)
for an umbrella excess of loss policy—in the way the predominating class of insurance covered by the policy is apportioned under paragraph (a).
(2)
In a provision in schedule 2, unless a contrary intention appears in the provision, a reference to a person or thing is a reference to the person or thing covered by the insurance.
(3)
In this section—
predominating class of insurance means the class of insurance that attracts the highest net premium.
6
Duty payable on travel insurance
Duty is payable on 10% of the premium received, for a travel policy mentioned in schedule 2, item 43(a), for travel outbound from Australia, including baggage.
7
Fee for instrument lodged on which duty is not imposed
The fee prescribed for section 495
(3) of the Act is $37.75.
s 7
amd 2014 SL No. 123
s 4; 2015 SL No. 45
s 4; 2016 SL No. 88 s 4
8
Activities for prescribed business
An activity, or a combination of any 2 or more activities, stated in schedule 3 is prescribed for the Act, schedule 6, definition prescribed business.
9
Recognised stock exchange
Each of the following stock exchanges are prescribed for the Act, schedule 6, definition recognised stock exchange, paragraph (b)—
(a)
the Asia Pacific Stock Exchange Limited, ACN 080 399 220;
(b)
the National Stock Exchange of Australia Ltd, ACN 000 902 063;
(c)
the New Zealand Exchange Limited;
(d)
the London Stock Exchange plc;
(e)
a stock exchange that is a member of the World Federation of Exchanges.
s 9
amd 2015 SL No. 45
s 5
(2) (retro); 2015 SL No. 45
s 5
(1)
10
Fee payable for administrative function
The fee payable to the commissioner for an administrative function mentioned in schedule 4 is the amount stated in the schedule opposite the function.
Schedule 1
Declared public unit trusts
section 4
Part 1
Unit trusts existing before 22 July 1994
1
A unit trust that existed before 22 July 1994 for which the Queensland Investment Corporation is the trustee
Part 2
Unit trusts created on or after 22 July 1994
1
QIC Australian Credit Fund
2
QIC Australian Equities Fund No. 2
3
QIC Australian Venture Capital Fund
4
QIC Cash Enhanced Fund
5
QIC Emerging Equity Markets Fund
6
QIC General Fund No. 1
7
QIC General Fund No. 2
8
QIC Growth Fund
9
QIC Growth Fund No. 2
10
QIC High Growth Fund
11
QIC Hi-Yield Trust
12
QIC Implemented Australian Equities Fund
13
QIC Implemented Australian Equities Fund No. 2
14
QIC Industrial Equities Fund
15
QIC Infrastructure Portfolio No. 1 Trust
16
QIC International Equities Fund No. 2
17
QIC Office Property Fund
18
QIC Premium Equities Fund
19
QIC Resources Equities Fund
20
QIC Retail (No. 2) Fund
21
QIC Small Companies Fund
22
QIC Special Purpose Trust No. 1
23
QIC Special Purpose Trust No. 2
24
QIC Stable Fund
25
Queensland BioCapital Fund
26
Queensland Investment Trust No. 1
sch 1 amd 2016 SL No. 211 s 3
Schedule 2
Apportionment of premiums
section 5
Class of insurance
Way apportioned
1
Aviation non-ownership liability
State in which the insured person resides
2
Aviation hull, aviation hull third party property liability and aviation hull personal liability—
(a)
high capacity regular public transport aircraft
Number of take-offs and landings in the previous year in each State for all aircraft covered by the policy (whether operated by the insured person or by a subsidiary)
(b)
another aircraft
State in which the aircraft is usually located or stored in a hangar (whether operated by the insured person or by a subsidiary)
3
Bloodstock
State in which the bloodstock is usually located
4
Boiler explosion
Value of property or sum insured or exposure level for each State
5
Burglary
Value of property or sum insured or exposure level for each State
6
Business interruption
Reasonably estimated profit revenue, fees, rent or other business measurement factor for each State
7
Care, custody and control of bloodstock
State in which the bloodstock is usually located
8
Cash in transit
Number of premises or value of property or sum insured or exposure level for each State
9
Company reimbursement
Estimated salaries and wages or number of persons working in each State
10
Comprehensive crime policy
Estimated salaries and wages or number of persons working in each State
11
Contract works
Value of property or sum insured or exposure level for each State
12
Contractors risk
Value of property or sum insured or exposure level for each State
13
Crop
Value of property or sum insured or exposure level for each State
14
Deterioration of stock
Value of property or sum insured or exposure level for each State
15
Directors and officers
Estimated turnover, sales or number of persons working in each State
16
Disability—
(a)
individual
State in which the business is registered or State in which the insured person resides
(b)
group
State in which the business is registered or State in which the insured person resides
17
Fidelity guarantee
Estimated salaries and wages or number of persons working in each State
18
Fire
Value of property or sum insured or exposure level for each State
19
General property
Value of property or sum insured or exposure level for each State
20
Home building and contents
Value of property or sum insured or exposure level for each State
21
Industrial special risk—
(a)
property
Value of property or sum insured or exposure level for each State
(b)
consequential loss
Reasonably estimated profit revenue, fees, rent or other business measurement factor for each State
22
Legal expense insurance
Estimated salaries and wages or number of persons working in each State
23
Livestock
State in which the livestock is usually located
24
Loss of profits
Reasonably estimated profit revenue, fees, rent or other business measurement factor for each State
25
Machinery breakdown (including computers and engineering)
Value of property or sum insured or limit of liability declared for each State
26
Marine—
(a)
builders risk
Value of property or sum insured or exposure level for each State
(b)
carriers legal liability, charterers liability and hull liability for coastal and international shipping
State which is the predominant location of the vessel
(c)
private pleasure craft
State in which the vessel is registered or State in which the insured person resides
27
Medical indemnity
Subscriptions paid in each State
28
Money
Number of premises or value of property or sum insured or exposure level for each State
29
Mortgage insurance—
(a)
if security consists of 2 or more properties located in different States
Value of property located in each State
(b)
otherwise
State in which the property is usually located
30
Motor vehicle, including extended warranty insurance—
(a)
commercial motor vehicle
State in which vehicle is registered or taken to be registered
(b)
private use motor vehicle
State in which vehicle is usually located or stored in a garage
(c)
federal interstate motor vehicle
State in which vehicle is registered or taken to be registered
(d)
unregistered motor vehicle
State in which vehicle is usually located or stored in a garage
31
Non-appearance—entertainment industry
Ticket sales in each State
32
Occupational—professional indemnity
Estimated salaries and wages or number of persons working in each State or reasonably estimated profit revenue, fees or rent for each State
33
Personal accident and illness—
(a)
individual
State in which the business is registered or State in which the insured person resides
(b)
group
State in which the business is registered or State in which the insured person resides
34
Personal liability—
(a)
individual
State in which the insured person resides
(b)
business
State in which the business is registered
35
Personal property
Value of property or sum insured or exposure level for each State
36
Pluvius
Value of property or sum insured or exposure level for each State
37
Public liability, product liability or broadform
Estimated salaries and wages, number of persons working in each State, turnover or sales, floor area units, number of premises or rent for each State
38
Railway property or public liability
Number of kilometres travelled by the rolling stock in each State in the 12-month period immediately before the insurance policy’s inception or renewal
39
Sprinkler leakage
Value of property or sum insured or exposure level for each State
40
Strata unit
Value of property or sum insured or exposure level for each State
41
Title insurance
State in which the property is located
42
Trade credit policies
Estimated turnover or sales in each State
43
Travel—
(a)
outbound from Australia, including baggage—
(i)
individual
State in which the insured person resides
(ii)
business
State in which the business is registered
(b)
within Australia—
(i)
individual
State in which the insured person resides
(ii)
business
State in which the business is registered
Schedule 3
Activities for prescribed business
section 8
1
Excavating and earthmoving
2
Framing pictures
3
Gunsmithing
4
Locksmithing
5
Manufacturing, processing and packaging
6
Operating any of the following—
(a)
a beauty salon or barber shop;
(b)
a bus service;
(c)
a cinema;
(d)
a crematorium;
(e)
an engineering workshop;
(f)
a laundry or laundrette;
(g)
a newsagency, travel agency or real estate agency;
(h)
a repair and service workshop;
(i)
a rental business;
(j)
a restaurant or cafe;
(k)
a service station;
(l)
a sports complex or gymnasium;
(m)
a warehouse or bulk storage complex
7
Operating as an undertaker or funeral director
8
Printing and publishing
9
Repairing boots and shoes
10
Retailing and wholesaling, whether or not involving repairing or installing goods sold
11
Upholstering
Schedule 4
Fee payable for administrative function
section 10
$
Returning, by post, an instrument or statement lodged for assessment—
(a)
first instrument or statement
4.95
(b)
each additional instrument or statement, including a copy
1.55
sch 4 amd 2014 SL No. 123 s 5; 2015 SL No. 45 s 6; 2016 SL No. 88 s 5
Schedule 5
Dictionary
section 3
exposure level means the maximum possible monetary risk to the insurer if the insurer agrees to indemnify an insured person under an insurance contract.
federal interstate motor vehicle means a motor vehicle registered under the
Interstate Road Transport Act 1985 (Cwlth).
high capacity regular public transport aircraft, for schedule 2, item 2(a), means an aircraft employed in regular public transport operations under the
Civil Aviation Regulations 1988 (Cwlth), whose certificate of type approval under those regulations permits the aircraft to have—
(a)
a maximum seating capacity of more than 38 seats; or
(b)
a capacity to carry a maximum payload of more than 4200kg.
limit of liability declared means the maximum amount, mentioned in an insurance contract, payable to an insured person under the insurance contract.
predominant location, for a vessel mentioned in schedule 2, item 26(b), means—
(a)
if the insured person has disclosed to the insurer that the vessel will operate from its port of registration for the insurance year—the port of registration for that insurance year; or
(b)
if the insured person has disclosed to the insurer that the vessel will operate from more than 1 port during the insurance year—the port from which it will operate for most of that insurance year; or
(c)
if the insured person has disclosed to the insurer that the vessel will operate from more than 1 port during the insurance year but no port can be identified as the port from which the vessel will operate for most of the insurance year—the vessel’s port of registration for that insurance year.